Insureum (ISR) ICO Review
Nov 15, 2019 – Jun 15, 2020
More about Insureum (ISR) ICO:
The Insureum Protocol gives policyholders more power to choose plans that perfectly match their lifestyles by providing insurers with diversified data, even though such plans will not be purchasable through Zikto or marketed via the Insureum Protocol, at least at the initial stage. However, we have plans to serve as a free marketplace for insurance products in the future after acquiring the proper regulatory license. When policyholders choose to share data, they are rewarded by being able to trade and earn cryptocurrency (Insureum). They could, at a later stage, perhaps also save time and effort when making claims, as most of the processes would be automated by utilizing smart contracts on the blockchain.By its fit-for-all nature, consumer insurance products cannot meet the needs of the various individual policyholders. With the Insureum Protocol, policyholders will be able to purchase customized insurance products such as (for example) pet insurance, car insurance only for long-distance driving, real estate insurance only during the holiday season, cybersecurity insurance and others for a more reasonable price. Secondly, the data that they currently share for free will be made more valuable. Data users (insurers and other third parties) will reward the policyholders (and other data providers like app users) for the data with Insureum. Considering that there is currently almost no reward for the data, this will dramatically impact perspectives on the value of the data. Imagine an insurance policy that rewards you if you hit metric goals like walking 10,000 steps per day. Or if you’re a safe driver and don’t slam your brakes in traffic, you’ll be entitled to a discount.
2.2. Insurance companies
Insurance companies will be able to create mini ecosystems that contain in-house or third-party apps that accurately gather and analyze the real data of (potential) policyholders. Within these ecosystems, cryptocurrency is exchanged 14between developers and insurance companies, and can be used to buy and sell anonymized data to develop and manage customized product offerings.Being able to identify fraud by cross-referencing transactions on the blockchain could also help insurance companies to save time and money when it comes to underwriting and the claims process.
Currently, many of the apps that gather user data via IoT devices don’t appear to have proper business models through which they may easily and quickly monetize this data. Using Insureum and The Insureum Protocol, app and API developers may be able to create and maintain a variety of new programs based on requests from insurers. The Insureum Protocol could be used by both insurance companies and developers to exchange apps and/or data in a turnkey ecosystem, with limited difficulty and costs due to transactional or trust issues, as all transactions will be based on Insureum and on a blockchain.
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